XRP, despite its drop on the CoinMarketCap charts, has garnered a lot of attention this month. Not only because of his recent rallies, but also because of the ongoing OndaDemanda against the SEC.
August 31 is an important date not only for demand, but also for XRP. Depending on what happens that day, the future of XRP will be decided. But why is this date so important?
XRP in trouble?
No more than it already is. As part of the ongoing lawsuit, the deadline for discovery of facts is August 31. Both sides go back and forth on Ripple’s motion to “compel the production of internal and inter-institutional documents,” among other things. Also, in what is the latest development, attorney James Filan shared,
“The parties are moving together for a brief extension of the fact-finding deadline … and to extend the expert discovery deadline until November 12, 2021.”
That said, however, with the August 31 discovery deadline approaching, investors are getting more and more anxious. Ergo, the effects of the same can be seen in XRP price action as well.
Where does the price go?
Oblique. During last month’s rally, XRP was up 142% as its price went from $ 0.5 to $ 1.2. However, it also saw a sharp drop of 14.5% last week between August 16 and 17. This instance marked the beginning of lateral movement in the charts, something that continues to this day.
Surprisingly, this anxiety has somehow drawn more investors to the market.
Active addresses have experienced constant growth throughout the month, from 10,000 to 21,6,000. That also helped improve the XRP MVRV Ratio. The relationship between the market value and the realized value represents the value of the asset, which, at the time of publication, was quite good for XRP and was in a maximum of 3 months.
Although investor sentiment seemed a bit weak, the network’s heavy development activity keeps investors interested. The same can be seen in the chart below.
In addition to this, Ripple continues to expand its operations in the South Asian market. Recently, Ripple announced its joint venture with SBI Holdings – the “SBI Ripple Asia. “In addition, the blockchain firm also added the Global Money Express (GME) remittance to its client list.
Ergo, it is possible that depending on the developments of the aforementioned demand, the bullish position of XRP could strengthen. Especially if all goes well for Ripple.
This is a machine translation of our English version.
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